<H1 style="MARGIN: 0in 0in 0pt 0.5in"><STRONG><FONT color=#000000 size=3>I.<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>INTRODUCTION</FONT></STRONG><A style="mso-footnote-id: ftn1" title="" href="http://localhost:8079/vendor/ckeditor-dev/dev/pastefromword/getclipboard.html#_ftn1" name=_ftnref1><SPAN class=MsoFootnoteReference><SUP><SPAN style="FONT-WEIGHT: normal"><SPAN style="mso-special-character: footnote"><SPAN class=MsoFootnoteReference><SUP><SPAN style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-ansi-language: EN-US; mso-bidi-language: AR-SA"><FONT color=#0066cc>[1]</FONT></SPAN></SUP></SPAN></SPAN></SPAN></SUP></SPAN></A><?xml:namespace prefix = o /><o:p></o:p></H1>
<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>The Manual should be kept at hand for easy reference.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>You are asked and encouraged to raise questions, criticisms or comments about the manual.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>Suggestions for changes or additions are welcome.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN><B style="mso-bidi-font-weight: normal">Any questions regarding compliance issues must be directed to the Senior Vice-President – Compliance who is the Chief Compliance Officer</B><o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; mso-pagination: widow-orphan" class=MsoNormal><FONT size=3><FONT color=#000000><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman', serif">The Firm expects you to be thoroughly familiar with the procedures and policies as set forth in this manual. </SPAN></B><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><SPAN style="mso-spacerun: yes">&nbsp;</SPAN>Adherence to the policies and procedures set forth will help to achieve our goal of uniform compliance.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>The Firm also requires you to be familiar with the Code of Ethics which is available to all employees and to clients upon request. <o:p></o:p></SPAN></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>A.<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN><U>Use and Distribution of the Manual</U>.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>The Manual is a basic part of the Firm's Compliance Program.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>It is intended to be revised or supplemented from time to time.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN><B style="mso-bidi-font-weight: normal">It is the responsibility of the holder to see that his/her copy is up to date by inserting new material as instructed or review the current copy on a shared directory.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>The adequacy of the policies and procedures will be evaluated at least annually and a report provided to management. <o:p></o:p></B></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>Regarding the Manual, each officer, principal, manager, supervisor or any other person having managerial or supervisory responsibilities must:<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt 0.75in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(1)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>know and understand the contents;<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt 0.75in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(2)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>provide new employees, including trainees, with a copy;<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(3)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>ensure that all holders of the Manual whom you supervise know and understand the contents, and use it in day‑to‑day activities;<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(4)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>ensure that any supplements are distributed to persons under your supervision with proper instructions for their use.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>See the Firm’s organizational chart for the supervisory system.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>B.<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN><U>Overview of the Advisers Act</U>.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>Before we begin our examination of specific compliance issues, which you should understand, we need to first examine existing Investment Adviser regulations and determine how and to what extent they affect you.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>Congress enacted the Investment Advisers Act of l940 after finding that the activities of those providing investment advice or investment advisory materials were of national concern because of their effect on the economy.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>Certain sections of the 1940’s Investment Advisors Act are not referred in this manual due to the inapplicable nature of them in a manual such as this.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>These are:<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.0-2<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>General procedures for serving non-residents<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.0-3<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>References for rules and regulations.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.0-5<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Procedure with respect to applications and other matters.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.0-6<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Incorporations by reference in applications.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.0-7<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Small Entities under the Investment Advisors Act for <o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 2in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>purposes of the Regulatory Flexibility Act.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.203A-5<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Reserved.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.203A-6<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Reserved<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.205-1<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Definition of “Investment Performance” of an Investment company and “Investment Record” of an Appropriate Index of Securities Prices.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.205-2<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Definition of “Specified Period” over which the asset value of the company or fund under management is averaged.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.206 (3)-1 <SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Exemption of Investment Advisers registered as Broker Dealers in connection with the provision of certain Investment Advisory services.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -81pt; MARGIN: 0in 0in 0pt 1.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.222-1<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Definitions.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>275.222-2<SPAN style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Definition of “client” for purposes of the National De Minimus Standard.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
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<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>One of the important provisions of the Investment Advisers Act of l940 calls for the registration of Investment Advisers with the Securities and Exchange Commission (the "Commission").<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>Once registered, the Adviser must comply with the statute and regulations promulgated under the Investment Advisers Act of l940.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>Included among these are numerous anti‑fraud provisions and various disclosure and financial reporting requirements.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>In general beginning in 2011 advisers with assets under management greater than $100 million will be registered with the SEC.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" class=a><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>All other advisers are registered with and regulated by states.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; tab-stops: .5in; mso-list: l0 level1 lfo3" class=MsoBodyTextIndent2><FONT color=#000000><SPAN style="mso-list: Ignore"><FONT size=3>C.</FONT><SPAN style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN></SPAN><FONT size=3><U>Definitions</U>.<o:p></o:p></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; tab-stops: .5in" class=MsoBodyTextIndent2><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 1in; tab-stops: .5in" class=MsoBodyTextIndent2><FONT size=3><FONT color=#000000>For purposes of section 203A of the Act (15 U.S.C. 80b-3a) and the rules thereunder:<o:p></o:p></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman', serif; mso-font-kerning: 14.0pt"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></B></P>
<P style="MARGIN: 0in 0in 0pt 1in" class=MsoNormal><FONT size=3><FONT color=#000000><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman', serif; mso-font-kerning: 14.0pt">Investment Adviser Representative</SPAN></B><SPAN style="FONT-FAMILY: 'Times New Roman', serif; mso-font-kerning: 14.0pt">. “Investment adviser representative” of an investment adviser means a supervised person of the investment adviser.<o:p></o:p></SPAN></FONT></FONT></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif; mso-font-kerning: 14.0pt"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in; mso-pagination: widow-orphan" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif; mso-font-kerning: 14.0pt"><FONT size=3><FONT color=#000000>(i)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Who has more than five clients who are natural persons (other than excepted persons described in paragraph (a)(3)(i) of this section); and <o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif; mso-font-kerning: 14.0pt"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(ii)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>More than 10 percent of whose clients are natural persons <SPAN style="mso-font-kerning: 14.0pt">(other than excepted persons described in paragraph (a)(3)(i) of this section).<o:p></o:p></SPAN></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif; mso-font-kerning: 14.0pt"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif; mso-font-kerning: 14.0pt"><FONT size=3><FONT color=#000000>(1)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Notwithstanding paragraph (a)(1) of this section, a supervised person is not an investment adviser representative if the supervised person:<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in" class=MsoNormal><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(i)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Does not on a regular basis solicit, meet with, or otherwise communicate with clients of the investment adviser; or <o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(ii)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Provides only impersonal investment advice<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in; tab-stops: list 1.5in; mso-list: l2 level1 lfo1" class=MsoHeader><FONT color=#000000><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><SPAN style="mso-list: Ignore"><FONT size=3>(2)</FONT><SPAN style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN></SPAN></SPAN><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3>For purposes of this section:<o:p></o:p></FONT></SPAN></FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(i)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>“Excepted person” means a natural person who is a qualified client as described in §275.205-3(d)(1).<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(ii)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>“Impersonal investment advice” means investment advisory services provided by means of written material or oral statements that do not purport to meet the objectives or needs of specific individuals or accounts.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in; tab-stops: list 1.5in; mso-list: l2 level1 lfo1" class=MsoHeader><FONT color=#000000><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><SPAN style="mso-list: Ignore"><FONT size=3>(3)</FONT><SPAN style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN></SPAN></SPAN><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3>Supervised persons may rely on the definition of “client” in §275.203(b)(3)-1 without giving regard to paragraph (b) (6) of that section<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>to identify clients for purposes of paragraph (a)(1) of this section, except that supervised persons need not count clients that are not residents of the United States.<o:p></o:p></FONT></SPAN></FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; tab-stops: .5in" class=MsoHeader><FONT size=3><FONT color=#000000><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman', serif">Place of Business</SPAN></B><SPAN style="FONT-FAMILY: 'Times New Roman', serif">. “Place of business” of an investment adviser representative means:<o:p></o:p></SPAN></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(1)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>An office at which the investment adviser representative regularly provides investment advisory services, solicits, meets with, or otherwise communicates with clients; and<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1.5in; tab-stops: list 1.5in; mso-list: l4 level1 lfo2" class=MsoHeader><FONT color=#000000><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><SPAN style="mso-list: Ignore"><FONT size=3>(2)</FONT><SPAN style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN></SPAN></SPAN><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3>Any other location that is held out to the general public as a location at which the investment adviser representative provides investment advisory services, solicits, meets with or otherwise communicates with clients.<o:p></o:p></FONT></SPAN></FONT></P>
<P style="MARGIN: 0in 0in 0pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1in; tab-stops: .5in" class=MsoHeader><FONT size=3><FONT color=#000000><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman', serif">Principal Office and Place of Business</SPAN></B><SPAN style="FONT-FAMILY: 'Times New Roman', serif">.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>“Principal office and place of business” of an investment adviser means the executive office of the investment adviser from which the officers, partners, or managers of the investment adviser direct, control, and coordinate the activities of the investment adviser.<o:p></o:p></SPAN></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 22.5pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 1in; mso-pagination: widow-orphan lines-together; tab-stops: .5in" class=MsoHeader><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>“Client” of an Investment Adviser<U>.<o:p></o:p></U></FONT></FONT></SPAN></B></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 0.5in; mso-pagination: widow-orphan lines-together; tab-stops: .5in" class=MsoHeader><U><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><SPAN style="TEXT-DECORATION: none"><FONT color=#000000 size=3>&nbsp;</FONT></SPAN></o:p></SPAN></U></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in; mso-pagination: widow-orphan lines-together; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(1)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>General.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>For purposes of section 203(b)(3) of the Act [15 U.S.C 80b-3(b)(3)], the following are deemed a single client:<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 22.5pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 2in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(A)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>A natural person, and:<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 22.5pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000><SPAN style="mso-tab-count: 5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(i)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Any minor child of the natural person;<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -193.5pt; MARGIN: 0in 0in 0pt 3in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000><SPAN style="mso-tab-count: 5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(ii)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Any relative, spouse, or relative of the spouse of the natural person who has the same principal residence;<o:p></o:p></FONT></FONT></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 3in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(iii)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>All accounts of which the natural person and /or the person referred to in this paragraph (a)(1) are the only primary beneficiaries;<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 22.5pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2.5in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(B)<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(i) A Corporation, general partnership, limited partnership, limited liability company (except when the limited partnership or limited liability company is determine to be a private fund) , trust (other than a trust referred to in paragraph (a)(1)(iv) of this section), or other legal organization (any of which are referred to hereinafter as a “legal organization”) that receives investment advice based on its investment objectives rather than the individual investment objectives of its shareholders, partners, limited partners, members, or beneficiaries (any of which are referred to hereinafter as an “owner”); and <o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 22.5pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 2.5in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(ii) Two or more legal organizations referred to in paragraph (a)(2)(i) of this section that have identical owners.<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2in; tab-stops: .5in; mso-list: l3 level1 lfo4" class=MsoHeader><FONT color=#000000><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><SPAN style="mso-list: Ignore"><FONT size=3>(2)</FONT><SPAN style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN></SPAN></SPAN><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3>Special Rules.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>For purposes of this section:<o:p></o:p></FONT></SPAN></FONT></P>
<P style="MARGIN: 0in 0in 0pt 22.5pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2.5in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3><FONT color=#000000>(A) <SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>An owner must be counted as a client if the investment adviser provides investment advisory services to the owner separate and apart from the investment advisory services provided to the legal organization, provided, however, that the determination that an owner is a client will not affect the applicability of this section with regard to any other owner;<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 22.5pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2.5in; tab-stops: .5in; mso-list: l1 level1 lfo5" class=MsoHeader><FONT color=#000000><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><SPAN style="mso-list: Ignore"><FONT size=3>(B)</FONT><SPAN style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN></SPAN></SPAN><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3>An owner need not be counted as a client of an investment adviser solely because the investment adviser, on behalf of the legal organization, offers, promotes, or sells interests in the legal organization to the owner, or reports periodically to the owners as a group solely with respect to the performance of or plans for the legal organization’s assets or similar matters;<o:p></o:p></FONT></SPAN></FONT></P>
<P style="MARGIN: 0in 0in 0pt 2in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2.5in; mso-pagination: widow-orphan; tab-stops: .5in; mso-list: l1 level1 lfo5" class=MsoHeader><FONT color=#000000><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><SPAN style="mso-list: Ignore"><FONT size=3>(C)</FONT><SPAN style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN></SPAN></SPAN><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3>A limited partnership or limited liability company is a client of any general partner managing member or other person acting as investment adviser to the partnership;<o:p></o:p></FONT></SPAN></FONT></P>
<P style="MARGIN: 0in 0in 0pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2.5in; tab-stops: .5in; mso-list: l1 level1 lfo5" class=MsoHeader><FONT color=#000000><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><SPAN style="mso-list: Ignore"><FONT size=3>(D)</FONT><SPAN style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN></SPAN></SPAN><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3>Any person for whom an investment adviser provides investment advisory services without compensation need not be counted as a client; and <o:p></o:p></FONT></SPAN></FONT></P>
<P style="MARGIN: 0in 0in 0pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 2.5in; tab-stops: .5in; mso-list: l1 level1 lfo5" class=MsoHeader><FONT color=#000000><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><SPAN style="mso-list: Ignore"><FONT size=3>(E)</FONT><SPAN style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN></SPAN></SPAN><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=3>An investment adviser that has its principal office and place of business outside of the <?xml:namespace prefix = st1 /><st1:country-region w:st="on">United States</st1:country-region> must count only clients that are <st1:country-region w:st="on">United States</st1:country-region> residents; an investment adviser that has its principal office and place of business in the <st1:place w:st="on"><st1:country-region w:st="on">United States</st1:country-region></st1:place> must count all clients.<o:p></o:p></FONT></SPAN></FONT></P>
<P style="MARGIN: 0in 0in 0pt; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt 2in; tab-stops: .5in" class=MsoHeader><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><o:p><FONT color=#000000 size=3>&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0in 0in 0pt" class=MsoNormal><o:p><FONT color=#000000 size=3 face=Courier>&nbsp;</FONT></o:p></P>
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<P style="MARGIN: 0in 0in 0pt" class=MsoNormal><A style="mso-footnote-id: ftn1" title="" href="http://localhost:8079/vendor/ckeditor-dev/dev/pastefromword/getclipboard.html#_ftnref1" name=_ftn1><SPAN class=MsoFootnoteReference><SPAN style="FONT-FAMILY: Courier; FONT-SIZE: 8pt; mso-bidi-font-size: 10.0pt"><SPAN style="mso-special-character: footnote"><SPAN class=MsoFootnoteReference><SPAN style="LAYOUT-GRID-MODE: line; FONT-FAMILY: Courier; FONT-SIZE: 8pt; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-ansi-language: EN-US; mso-bidi-language: AR-SA"><FONT color=#0066cc>[1]</FONT></SPAN></SPAN></SPAN></SPAN></SPAN></A><FONT color=#000000><FONT size=3 face=Courier> </FONT><SPAN style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">275.206(4)-7<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>(Compliance Procedures and Practices)<o:p></o:p></SPAN></FONT></P>
<P style="MARGIN: 0in 0in 0pt" class=MsoFootnoteText><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=2><FONT color=#000000><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN>275.203.A-1<SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN>(Eligibility for SEC registration)<o:p></o:p></FONT></FONT></SPAN></P>
<P style="MARGIN: 0in 0in 0pt" class=MsoFootnoteText><SPAN style="FONT-FAMILY: 'Times New Roman', serif"><FONT size=2><FONT color=#000000><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN>275.203.A-2<SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN>(Exemptions from Prohibition on SEC Registration)</FONT></FONT></SPAN><o:p></o:p></P></DIV></DIV>